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CAD: Not much here - BBH

The Canadian dollar was flat on the week before the employment data as Canada created twice the number of jobs expected, and over the September-October period, reported the creation of 200k full-time jobs, explains the research team at BBH. 

Key Quotes

“In proportionate terms, it is as if the US created two million (instead of the 289k).  The markets focused on this to lift the Canadian dollar about 0.35%.  Investors seemed to shrug off the fact that exports fell for the fourth consecutive month, and that 7.9% decline in Q3 exports was the sharpest fall in eight years.  Non-energy exports, fell 1.8%, due mostly to a drop in auto shipments.”     

“The US dollar had recovered from near CAD1.2060 on September 8 to test a key retracement target near CAD1.2930.  It stalled there at the same time the two-year rate differential, which had swung from 25 bp in Canada's favor to 20 bp in the US favor, stalled.  The US dollar frayed initial support near CAD1.2740 but finished the week above it.  The RSI and Slow Stochastics have turned lower, while the MACDs look set to do so over the next couple of sessions.    Although there is some intermittent support, a convincing break of CAD1.26 would weaken the technical outlook.”   

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